The Korea Professional Golf Association (KPGA) pays 1.2 million won worth of pension annually for senior members. The official name is ‘welfare pension’. It is a kind of old-age pension that provides benefits to tour pros and pros by creating a fund from membership fees paid by members.
According to KPGA on the 5th, the association paid 421.1 million won in welfare pension to a total of 341 eligible members as of December 31 last year. This is in accordance with the rule that 1.2 million won per person is paid as a pension on the last day of each year.
The pension is financed by membership fees that KPGA members pay twice a year, in the first and second half of the year. Tour pros pay 150,000 won for a total of 300,000 won per year, and pros pay 240,000 won for 120,000 won each. Since 1968, when the association was established, the monthly membership fee has been 5,000 won per person for about 20 years, and since then, the payment has been raised and the current calculation standard has been maintained since 2013.
The timing of receiving the pension differs by age. Until 2014, KRW 1.2 million was paid annually from the age of 60 until death, targeting members who have been a member for more than 20 years or who meet the eligibility age. After that, the age of 61 in 2016 and 62 in 2020 were raised. To receive the welfare pension, you must turn 63 from next year, 64 from 2028, and 65 from 2032. The minimum guarantee period is 20 years, and if the beneficiary is still alive after that, the payment will continue.
However, if the recipient dies without completing the minimum guarantee period of 20 years, the ‘Survivor’s Pension’ system is also operated, which pays the remaining pension in the order of spouse, children, parents, grandchildren, grandparents, brothers and sisters, etc. 1.2 million won per year, within the limit of a total of 24 million won for 20 years, excluding the amount received by existing members, the remaining pension is guaranteed to the bereaved family. Instead, members who fail to pay their membership dues or who have been punished by suspension or higher from the second half of 2015 will have their pension payments expire for one year as many times as they are listed on the list.
If you join as a pro at the age of 25, the total membership fee paid by members until the age of 60 is 8.4 million won. If you receive 1.2 million won each year for 20 years after the time of receipt of benefits arrives, the total amount of pension benefits will be 24 million won. 메이저놀이터
A KPGA official explained, “With the intention of repaying some of the senior members who contributed to the development of Korean professional golf, we are operating the pension system in such a way as to give more benefits than the paid dues so that even a small amount can help in old age.” did.
In addition, congratulatory money, harmony, and product support are provided to members who have paid membership fees, depending on the membership period.